Thursday, 12 April 2012

Tenaga 2Q profit quadraples on fuel-cost compensation

KUALA LUMPUR (April 12): TENAGA NASIONAL BHD []'s (TNB) second quarter net profit rose more than four fold from a year earlier, as a RM2.02 billion fuel-cost compensation from the government and Petroliam Nasional Bhd mitigated the impact of costlier fuel to the state-owned utility's profits.

In a statement to the exchange on Tuesday, TNB said its bottom line was also helped by higher electricity sales and foreign exchange translation gains. It said net profit came in at RM2.82 billion in the second quarter ended February 29, 2012 against RM641.1 million a year earlier as revenue grew 17% to RM8.63 billion from RM7.37 billion.

Cumulative first-half net profit rose 76% to RM2.59 billion from RM1.47 billion a year earlier while revenue was up 15% to RM17.32 billion from RM15.1 billion, TNB said.

The firm said it plans to reward shareholders with a dividend per share of 5.09 sen during the quarter in review.